Coherent (NASDAQ:COHR) reports Q4 results that beat EPS estimates but missed on revenue with a 6% Y/Y revenue drop. Management blames the miss on execution issues at a German site and demand slowdown in China largely due to the US tariffs, which had a combined top-line impact of about $11M.
The company accordingly updates its FY19 outlook for Y/Y sales to decline 8% to 12% with 2H19 stronger than the first half. Expense reductions of $10M to $15M are expected to partially offset the gross profit impact of the lower sales.
Repurchase program: The board approves a $250M repurchase program through December 31, 2019 with a limit of no more than $75M deployed in one quarter.
Earnings call is scheduled for 4:30 PM ET with a webcast available here.
Previously: Coherent beats by $0.26, misses on revenue (Nov. 6)
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